Dunne, Bardsley and MacKenzie of CBRE act for SL Green in $55 million sale of 563,596 s/f six-building office park

 

 

 

Rye Brook, NY CBRE has completed the $55 million sale of 1100 King St., formerly known as Reckson Executive Park, (REP) a 563,596 s/f, six-building office park. 

Jeffrey Dunne, Steven Bardsley and Stuart MacKenzie of CBRE’s Institutional Properties Group, represented SL Green in the sale. The team also procured the buyer, George Comfort & Sons, an owner of office buildings in NYC and in Westchester and Fairfield Counties. Comfort & Sons acquired the property in a joint venture with a fund managed by DRA Advisors.

Situated in eastern Westchester County, close to the Greenwich, Conn. border, the subject property is a class A office park totaling 563,596 s/f. The property offers access to the Hutchinson River Parkway, and Interstates 287, 684 and 95. 

Reckson Executive Park benefits from recent capital improvements, including improved interior and exterior amenities, making the asset attractive to businesses and investors in a continually improving Westchester County office market.

“The tightening of the Westchester County office market, which is partly driven by the adaptive repurposing of older office product for residential, medical and retail use, coupled with increased demand stemming from Westchester’s cluster of biotech and healthcare businesses, bodes well for GCS to lease the remaining space at Reckson Executive Park,” said Dunne, a vice chairman at CBRE.